Business / Financial Markets | CURRENCY MARKET

Dollar slips below ¥110 in Tokyo trading on economic worries

JIJI

The dollar slipped below ¥110 in Tokyo on Friday as a risk-off mood grew due to uncertainty over the global economy amid intensifying U.S.-China trade friction.

At 5 p.m., the dollar stood at ¥109.53-53, down from ¥110.29-29 at the same time on Thursday. The euro was at $1.1188-1188, up from $1.1140-1140, and at ¥122.54-55, down from ¥122.86-88.

The greenback moved on a weak note below ¥109.70 in early trading, after losing ground in overseas markets Thursday following a drop in long-term U.S. Treasury bond yields reflecting growing concerns over future developments in the world economy.

After falling below ¥109.50, the U.S. unit regained steam to top ¥109.70 later in the morning thanks to buying by Japanese importers. But it lost momentum again under the weight of renewed selling.

In late hours, the dollar faced selling induced by a decline in Treasury yields in off-hours trading, an official at a foreign exchange margin trading service company said.

The dollar-yen pair saw crosscurrents of selling and buying for position adjustment ahead of the weekend, one market source said.

Players are “keeping a close tab” on four-day European Parliament elections that started on Thursday, among other events, the source said.